---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-211335"
form_type: "8-K"
ticker: "MSDL"
cik: "0001782524"
company_name: "Morgan Stanley Direct Lending Fund"
filed_at: "2025-09-22T23:59:59+00:00"
generated_at: "2026-05-17T05:59:25.682557+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# MSDL subsidiary closes $401.2M CLO with notes due 2037; sub tranches retained

## Summary
- Completed $401.2M term debt securitization via North Haven Private Credit CLO 1 LLC on Sept 17, 2025.
- Issued $232M Class A-1 debt (SOFR+1.54%), $16M A-2 notes (SOFR+1.70%), $24M Class B notes (SOFR+1.90%).
- Also issued $32M Class C (SOFR+2.40%), $24M Class D (SOFR+3.55%) and $73.2M Subordinated Notes (no interest).
- Proceeds support a portfolio of senior secured and second lien loans; MSDL retains all Subordinated Notes.
- Secured Notes due Oct 2037; revolving reinvestment period through Oct 2029.

## SEC filing metadata
- accession: 0001193125-25-211335
- form_type: 8-K
- ticker: MSDL
- cik: 0001782524
- company_name: Morgan Stanley Direct Lending Fund
- filed_at: 2025-09-22T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1782524/000119312525211335/0001193125-25-211335-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1782524/000119312525211335/d932015d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-211335
- JSON: https://secwatch.observer/filing/0001193125-25-211335.json
- Plain text: https://secwatch.observer/filing/0001193125-25-211335.txt

## Key facts
- Debt Financings
  Morgan Stanley Direct Lending Fund incurred credit facility of $50,000,000 in Class A-1 Loans at 3-month Term SOFR plus 1.54% maturing October 20, 2037.
  - Instrument: credit facility
  - Principal: $50,000,000 in Class A-1 Loans
  - Rate: 3-month Term SOFR plus 1.54%
  - Maturity: October 20, 2037
  - Event: incurrence
  source text: $50,000,000 in Class A-1 Loans (the "Class A-1 Loans") pursuant to the Class A-1 Credit Agreement (as defined below), which bear interest at a rate of 3-month Term SOFR plus 1.54%
  evidence_url: https://www.sec.gov/Archives/edgar/data/1782524/000119312525211335/0001193125-25-211335-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.